Here is my question: Accumulated-depreciation-equipment at 1/1/07 was $230,000. At 12/31/07 the balance of the account was $270,000. During 2007 one piece of equipment was sold. The equipment had an original cost of $40,000 and was 3/4 depreciated when sold. Prepare the missing adjusting entry.

Help!

Thanks!

ROLCAM

You need to journalise the sold asset.

DEBIT Bank Account $10,000
DEBIT Acc Deprec Provision $30,000
CREDIT Equipment Account $40,000